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Money & Markets

Jobless claims have been volatile in recent weeks

May 9, 2008

WASHINGTON — The number of newly laid off workers seeking unemployment benefits dropped much more than expected last week.

The Labor Department reported Thursday that applications for unemployment benefits fell to 365,000, a decline of 18,000 from the previous week. Economists had been looking for a much smaller decrease of around 5,000.

Weekly jobless claims have been exceptionally volatile in recent weeks because of strike-related layoffs in the auto industry and an unusually early Easter, which has played havoc with the government’s seasonal adjustment measurements.

Many economists believe that a prolonged housing slump and severe credit crisis have pushed the economy into a recession. For that reason, they believe job layoffs will rise in coming months as the unemployment rate climbs higher.

Ian Shepherdson, chief U.S.

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Stocks rise modestly even as oil extends record high run

May 9, 2008

NEW YORK — Wall Street closed a quiet session with a moderate advance Thursday, with energy and other commodities companies leading the market as oil prices extended their record-breaking run.

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Business Highlights May 9, 2008

May 9, 2008

Gas jumps nearly 3 cents to record

NEW YORK — Gasoline and crude oil jumped to new records Thursday, with gas rising 3 cents to an average national price of nearly $3.65 a gallon and oil crossing $124 a barrel for the first time.

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Credit crisis may fade

May 8, 2008

WASHINGTON — The worst of the nation’s credit crisis may have passed, Treasury Secretary Henry Paulson said Wednesday, though he acknowledged rising gas prices will blunt the effect of 130 million economic stimulus checks.

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Conflict over housing crisis threatens rescue package

May 8, 2008

WASHINGTON — President Bush and Congress are clashing over how to address the housing crisis, clouding the prospects of an election-year rescue package.

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Stocks retreat as oil creeps up

May 8, 2008

NEW YORK — Wall Street tumbled Wednesday as the price of a barrel of oil soared to a record near $124 and touched off concerns that the stock market’s recent gains might have been premature as consumers grapple with rising energy and food costs.

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